Mount Sinai debt upgraded

The corporate debt on Miami Beach’s Mount Sinai Medical Center has been upgraded to investment grade, Fitch Ratings announced. The debt on the property had been at BB+, which is non-investment grade. The news follows the announcement that an unknown developer had terminated his bid to purchase the center’s Miami Heart Institute property, after reportedly being unable to secure financing. The developer had signed a preliminary agreement to purchase the site in mid-August. [SFBJ]